Home Equity Line of Credit (HELOC)
Home Loans—Provided by Quicken® Loans®
Home Equity Line of Credit (HELOC)
Looking to use the home equity you've built in your home? Get a competitive-rate home equity line of credit (HELOC), with no prepayment penalties or balance requirements and a quick closing, through Schwab Bank's home equity lending program provided by Quicken Loans—the nation's largest online mortgage lender† with over 25 years of experience.
|Ready to take advantage of your home's equity?||Get Started||Call 877-535-4021|
Mon.–Fri., 8 a.m.–9 p.m. ET;
Sat., 8 a.m.–4 p.m. ET
Comparison Interest Rates
Based on current rates in San Francisco, CA.
|Lender Institution||Interest Rate||Prepay Penalty||Annual Fee|
|Schwab Bank||3.990% (APR)2||No||No|
|Bank of America||4.970%||Yes||$0|
1. Origination fee may be required.
2. As of April 4, 2014, the annual percentage rate (APR) for a primary residence is 3.99%. Rates vary for second or vacation homes. The APR on your home equity line of credit is variable based upon the Wall Street Journal Prime Rate. The maximum APR that can be charged on your line of credit is 18%, unless otherwise indicated by state maximum amounts as follows: North Carolina's maximum is 16%; Hawaii's second lien maximum is 12%; Montana's maximum is 15%; Tennessee's maximum is the lesser of 24% or Prime + 4%; Arkansas is the lesser of either (1) 5% above the discount rate on 90-day commercial paper from the Arkansas Federal Reserve or (2) 17%. You may not use this home equity line as a bridge loan, for commercial purposes, to invest in securities, or to repay a margin loan. The minimum credit line amount is $50,000 (except in Michigan where the minimum is $10,000 and Minnesota where the minimum is $100,000), and the maximum is $1,000,000. Terms and conditions apply.
Charles Schwab Bank will pay customary bank closing costs, including lender fees on lines of credit in second lien position. You are responsible for paying any state, county, or local taxes imposed on a home mortgage transaction. For locations where these taxes are imposed, the tax may vary from a flat fee of $325 to a charge of $1 to $10 (up to $21.75 in New York) for every $1,000 of the total line amount, based on the location of the property.
Source: Informa Research Services, Inc., Calabasas, CA, www.informars.com. Although the information has been obtained from the various institutions themselves, the accuracy cannot be guaranteed. Comparison rates are based on a $100,000 line of credit secured by a owner-occupied primary residence, a combined loan-to-value ratio of 75%, no application fee, and no minimum initial draw requirement. Rates shown do not reflect relationship or auto debit discounts. Other discounts may be available. Rates quoted as of April 4, 2014, and may vary by region.
Charles Schwab Bank
† Source: National Mortgage News, second quarter 2013 report, based on total originations.
This offer is subject to change or withdrawal at any time and without notice. Nothing herein is or should be interpreted as an obligation to lend. Loans are subject to credit and property approval. Other conditions and restrictions may apply. Hazard insurance may be required.
Home equity lines have a 10-year draw period followed by a 20-year repayment period. During the draw period, you will be required to make monthly payments of accrued interest. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest.
Charles Schwab Bank and Charles Schwab & Co., Inc., are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Investment products are offered by Charles Schwab & Co., Inc. (member SIPC). Charles Schwab & Co., Inc., does not solicit, offer, endorse, negotiate, or originate any mortgage loan products and is neither a licensed mortgage broker nor a licensed mortgage lender. Home lending is offered and provided by Quicken Loans Inc., Equal Housing Lender. Quicken Loans Inc. is not affiliated with The Charles Schwab Corporation, Charles Schwab & Co., Inc., or Charles Schwab Bank. Deposit and other lending products are offered by Charles Schwab Bank, Member FDIC and an Equal Housing Lender.
Quicken Loans is an Equal Housing Lender. Quicken Loans Inc. is a licensed mortgage lender. Arizona: Quicken Loans Inc., 16425 North Pima, Suite 200, Scottsdale, AZ 85260, Mortgage Banker License #BK-0902939; Arkansas: Quicken Loans Inc., 1050 Woodward Avenue, Detroit, MI 48226-1906, 888-474-0404; California: Licensed by the Department of Corporations, CA Residential Mortgage Lending Act; Colorado: Quicken Loans Inc., NMLS #3030, 888-474-0404, Regulated by the Division of Real Estate; Georgia: Residential Mortgage Licensee #11704 1050 Woodward Avenue, Detroit, MI 48226-1906; Illinois: Residential Mortgage Licensee #4127 Department of Financial and Professional Regulation, 1050 Woodward Avenue, Detroit, MI 48226-1906; Maine: Quicken Loans Inc., Supervised Lender License NMLS #3030; Massachusetts: Quicken Loans Inc., Mortgage Lender License #ML-3030; Minnesota: Not an offer for a rate lock agreement; Mississippi: Licensed by the Mississippi Department of Banking and Consumer Finance; New Hampshire: Licensed by the NH Banking Department, #6743MB; New Jersey: Licensed Mortgage Banker—NJ Department of Banking, first (and/or second) mortgages only; New York: Licensed Mortgage Banker—NYS Banking Department; Oregon: Quicken Loans Inc., License #ML-1387; Pennsylvania: Licensed as a first Mortgage Banker by the Department of Banking and licensed pursuant to the Pennsylvania Secondary Mortgage Loan Act; Rhode Island: Licensed Lender; Texas: Quicken Loans Inc., 1050 Woodward Avenue, Detroit, MI 48226-1906; Virginia: Quicken Loans Inc., NMLS ID #3030, (www.nmlsconsumeraccess.org); Washington: Licensed by Consumer Loan Company License CL-3030. Quicken Loans Nationwide Mortgage Licensing System #3030. Rates subject to change. Restrictions may apply.
Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. "Quicken Loans" is a registered service mark of Intuit Inc., used under license.